Fully Secret Trust

Business, Legal & Accounting Glossary

Definition: Fully Secret Trust

Full Definition of Fully Secret Trust

A fully secret trust is a trust declared in a will where there is no indication that a trust exists at all but appears as an absolute gift to the recipient. For example, “£50,000 to Eliza”. Communication of the fully secret trust must take place during the testator’s lifetime: Wallgrave v Tebbs [1855] 2 K & J 313: “[the court] en-grafts the trust on the devise, by admitting evidence which the statute would in terms exclude, in order to prevent a party from applying property to a purpose foreign to that for which he undertook to hold it”-per Wood VC.

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Fully Secret Trust. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 28, 2021 https://payrollheaven.com/define/fully-secret-trust/.
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Fully Secret Trust. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/fully-secret-trust/ (accessed: September 28, 2021).
American Psychological Association (APA):
Fully Secret Trust. PayrollHeaven.com. Retrieved September 28, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/fully-secret-trust/

Definition Sources

Definitions for Fully Secret Trust are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th April, 2020 | 3 Views.